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Author Topic: Please recommend a wallet that can see the private key and only store Bitcoin  (Read 318 times)
Jeralhong (OP)
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March 24, 2022, 08:08:43 AM
 #21

I don't trust exchanges, so I want to have a wallet with good security that can inquire private keys and only store bitcoins.
I see that many of the recommendations on the official website are multi-chain wallets.The applicability is good, but the security is not enough.In the wallet I used before, every time I transfer btc, the wallet will change the private key by default, which causes me to back up the private key every time I transfer btc.And I can't see my private key either, it's hidden by the wallet. This makes my private key especially easy to lose.
So please recommend a single-chain wallet that you think can query the private key and only store Bitcoins. The function is only to store btc, with high security, no other functions are required. For other functions, I will use a multi-chain wallet, and the money in it will be very small.
Since you are looking for a wallet that only works for bitcoin, maybe you can chose electrum.
https://www.investopedia.com/best-bitcoin-wallets-5070283#:~:text=Mycelium%20is%20an%20open%2Dsource,similar%20to%20the%20Electrum%20wallet.

Why you chose Electrum? because is it secure, open-source, and offers advanced features and options.

PROS AND CONS
Pros
Customizable transaction fees
Greater level of security than most hot wallets
Cons
Bare-bones user interface
Only works for Bitcoin

OVERVIEW
Electrum is one of the original Bitcoin wallets. It has been around since 2011, two years after Bitcoin’s creation, and has changed little since.12 While this wallet is bare-bones in terms of its user interface and commitment to only Bitcoin, it excels at this primary function. Electrum is also more suited for advanced users due to its complex options.

Electrum is open source, allows its users to set custom transaction fees, and has the option to choose between legacy Bitcoin and Segwit. It also offers users the ability to determine the level of security they wish to use. For example, you can create a standard wallet, one with 2-factor authentication, or a multi-signature wallet. You can also elongate your seed phrase with custom words.

Electrum is perfect for the more advanced Bitcoin holder who wants great security features and customizability, all in a simple layout.
Got it, thanks a lot
Jeralhong (OP)
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March 24, 2022, 08:19:17 AM
 #22

... In the wallet I used before, every time I transfer btc, the wallet will change the private key by default, which causes me to back up the private key every time I transfer btc.And I can't see my private key either, it's hidden by the wallet. This makes my private key especially easy to lose....

Most wallets now generate private keys based on a "seed phrase" (aka "recovery phrase"). Because the private keys generated by the wallet are always the same for that seed phrase, there is no need to back up every private key. You only need to back up the seed phrase.
From what i understood from OP, every time he made a transaction, he can see that the rest of his holdings have been moved to another address (Change address) so he thinks that the private key have been updated which is absolutely not true. It's clear that he doesn't know about the all the private keys being combined in a single seed.
My suggestion for him is Electrum client which i always recommend for both experienced users or new comers because it has all the features with a friendly-use interface. Better than Electrum, i recommend using a physical hardware wallet for staking considerable amounts .

means this. thank you very much.
Electrum is really not very friendly to laymen, hahaha. But I'll study it with my heart, thanks again.
Electrum seems to be the best non-custodial client for bitcoin. It's an original bitcoin wallet which works only for bitcoin (another version also designed for Monero if i am not wrong). If you can not get familiarized with Electrum, other clients will look so sophisticated for you especially when you look for a specific feature as there are no fuly detailed documentation for each client.
I found this tutorial that can help you familiarized with Electrum (Setup) : https://www.youtube.com/watch?v=2MP_EMxypCE
If you can well practice english then this wiki can help you better : https://electrum.readthedocs.io/en/latest/
However if you wanna try another client, i suggest you to choose from this list : https://bitcoin.org/en/choose-your-wallet?step=5


Hahaha, my English is really not good, I am studying hard. I don't have a deep understanding of Bitcoin's technical level, but more about its economic system.thank you so much for your suggestion,benefit greatly.

I also asked a question, did Satoshi Nakamoto discuss the loss of Bitcoin when he designed Bitcoin.

In the future, if the natural loss rate of the Bitcoin network is 1%-2% per year, it will be good, which is equivalent to the interest of 1%-2% for those who deposit coins. If the loss rate reaches more than 5% per year, will it seriously affect the circulation of Bitcoin. If Bitcoin is used as a common currency, it is equivalent to hard-working people, and the new value created every year will be taken away by the people who deposit the currency.
Semar Mesem
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March 24, 2022, 09:11:27 AM
 #23

I don't trust exchanges, so I want to have a wallet with good security that can inquire private keys and only store bitcoins.
I see that many of the recommendations on the official website are multi-chain wallets.The applicability is good, but the security is not enough.In the wallet I used before, every time I transfer btc, the wallet will change the private key by default, which causes me to back up the private key every time I transfer btc.And I can't see my private key either, it's hidden by the wallet. This makes my private key especially easy to lose.
So please recommend a single-chain wallet that you think can query the private key and only store Bitcoins. The function is only to store btc, with high security, no other functions are required. For other functions, I will use a multi-chain wallet, and the money in it will be very small.


Almost 2 years I use trust wallet, this is a multi wallet that we can use to save almost all popular coins that are present, we get 12 seeds that can be converted into private keys so that the most important thing from the Trust Wallet is to keep the 12 seeds, it's better After you make then you write manually on the book and it is proven until now the asset I keep is still safe.

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syedakhlaque
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March 25, 2022, 04:00:04 PM
 #24

These days it is observed in my friends and family that some wallets were hacked and there have to face a great loss. Hackers & scammers are hacking wallets very successfully. So There is a risk to store bitcoin in the wallet. But I think Binance exchange is better than these wallets those has low security.MetaMask also has better security in wallets but the best wallet as I think is a USB wallet. You can plug and play at the time of storage and withdrawal, Although, it,s price is high this time it is better security.

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March 25, 2022, 09:38:31 PM
 #25

These days it is observed in my friends and family that some wallets were hacked and there have to face a great loss. Hackers & scammers are hacking wallets very successfully. So There is a risk to store bitcoin in the wallet. But I think Binance exchange is better than these wallets those has low security.MetaMask also has better security in wallets but the best wallet as I think is a USB wallet. You can plug and play at the time of storage and withdrawal, Although, it,s price is high this time it is better security.
There's no more risk than having a bank account, because the same security measures are likely taken. So, if someone isn't securing their Bitcoin wallets, they probably aren't securing their bank accounts very well either. Hackers don't just break everything, and are able to break encryption, its usually the user themselves that's the weakest link.

However, what your advising i.e using an exchange wallet rather than one which you have full control over is potentially dangerous, since they're definitely the least secure of all wallets. Pretty much any other wallet, is more secure. Since, they don't have the attack surface that an exchange wallet has, and usually you'd pick a wallet which allows you to own the private key.
tbterryboy
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March 27, 2022, 02:48:19 PM
 #26

In the wallet I used before, every time I transfer btc, the wallet will change the private key by default
What a strange wallet is this but can you tell us the name of this wallet? So that we can avoid this early because it's risky. You send btc on this address thinking everything is fine because you already back up your first keys but that's only what you thought. I know there is a wallet that changes your wallet address "public key" to a new one after you make a transaction but that's fine and I think it was also recommended for some reason.

which causes me to back up the private key every time I transfer btc.And I can't see my private key either, it's hidden by the wallet.
Well, that's the only thing that you can do but good thing that you figured out how this wallet work because if not then you might lose some of your btc before but how can you back up you private keys when you can't see it or if they are hidden? I know a hidden text can't be copy but it must be revealed first.
alexeyneu
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March 28, 2022, 08:50:31 PM
Last edit: March 28, 2022, 09:22:28 PM by alexeyneu
 #27

In the wallet I used before, every time I transfer btc, the wallet will change the private key by default
What a strange wallet is this but can you tell us the name of this wallet? So that we can avoid this early because it's risky. You send btc on this address thinking everything is fine because you already back up your first keys but that's only what you thought. I know there is a wallet that changes your wallet address "public key" to a new one after you make a transaction but that's fine and I think it was also recommended for some reason.

which causes me to back up the private key every time I transfer btc.And I can't see my private key either, it's hidden by the wallet.
Well, that's the only thing that you can do but good thing that you figured out how this wallet work because if not then you might lose some of your btc before but how can you back up you private keys when you can't see it or if they are hidden? I know a hidden text can't be copy but it must be revealed first.
it's common case really. there're no warnings that you'll not see money thats been kept on others when you export private key. say in tronlink it's like so .but it doesn't change the address
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March 28, 2022, 09:01:35 PM
 #28

you don't have a password from server electrum runs on (electrum-server). electrum is opensource is stupid stuff
Trust wallet is a wallet you can recommend to somebody because of it high security operating system, so when you talk of security trust wallet is there, saying about electrum, i have heard such that electrum is good but I have not used it before, in addition to advice you, follow the thread to reply for questions, don't respond to what you don't know

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alexeyneu
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March 28, 2022, 09:04:21 PM
 #29

you don't have a password from server electrum runs on (electrum-server). electrum is opensource is stupid stuff
Trust wallet is a wallet you can recommend to somebody because of it high security operating system, so when you talk of security trust wallet is there, saying about electrum, i have heard such that electrum is good but I have not used it before, in addition to advice you, follow the thread to reply for questions, don't respond to what you don't know
wtf you're talking?
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